U.S. stocks continue to tumble on Wednesday, driven by weak economic data out of the U.S, disappointing corporate financial results, and declining metal prices. However, as usual, a few stocks are moving in the opposite direction. Among the day’s most relevant gainers are Eleven Biotherapeutics Inc (NASDAQ:EBIO), SouFun Holdings Ltd (NYSE:SFUN), Glaukos Corp (NYSE:GKOS), Match Group Inc (NASDAQ:MTCH) and Triumph Group Inc (NYSE:TGI), all of which are posting significant surges in the afternoon. Let’s take a look into the events behind these notable spikes, and see how the hedge funds in our database have been trading these companies lately.
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Eleven Biotherapeutics Spikes on Renewed Hope for Isunakinra
Let’s begin with Eleven Biotherapeutics Inc (NASDAQ:EBIO), which is up by roughly 34.8% on more than 6-times its regular trading volume today. Shares have now gained more than 316% over the past month, regaining some of the ground lost in May of 2015 and January of 2016; however, the stock is still down by almost 90% in relation to where it was a year ago. But, why the tumble and sudden recuperation? Well, the company’s isunakinra had originally failed late-stage trials for dry eye disease and allergic conjunctivitis. Nonetheless, more recently, post hoc analysis showed that the drug candidate would likely be effective among a group of patients with particular genetic patterns of IL-1 (interleukin-1).
Among the funds that we track, very few were in a position to benefit from a spike in Eleven Biotherapeutics Inc (NASDAQ:EBIO)’s stock. Only three firms in our database were long the stock at the end of 2015.
SouFun’s Stock Moving To Shanghai
Next up is SouFun Holdings Ltd (NYSE:SFUN), which is up by 9.3% on Wednesday afternoon, on news that the company plans to change its stock listing from the U.S to mainland China in an attempt to boost its valuation. As part of the migration process, SouFun will swap assets and shares with Chongqing Wanli New Energy Co.; however, the deal still needs to be approved by regulators.
Unlike Eleven Biotherapeutics, SouFun Holdings Ltd (NYSE:SFUN) is quite popular among hedge funds. As of the end of 2015, the company counted 18 supporters in our database, who held roughly 8.4% of its total shares. A noteworthy position was that of Kerr Neilson’s Platinum Asset Management, which held 16.67 million shares of the company on December 31.
We cover three more surging stocks on the next page.